Warranty provider Servify nets $23m in its Series C

September 28, 2020

Servify, which offers warranty protection for devices, has closed its Series C round on $23m.

The investment was led by existing Servify backer Iron Pillar and received additional commitments from SPF, Blume, Beenext, Tetrao and Global Alternatives Investor 57 Stars. A number of strategic investors also contributed to the round including DMI Finance’s Sparkle Fund, FT Partners’ SF Roofdeck Capital LLC, Go Ventures and the Madhu Kela Family Office.

Trifecta Capital, which is an existing strategic debt provider for Servify, also invested in the Series C.

Based in India, Servify offers device protection insurance policies for Apple, Samsung, OnePlus, Xiaomi, Nokia, Motorola, Airtel and other electronic devices. Additionally, it runs a device exchange/buyback programme for Apple, Samsung and OnePlus.

With the equity injection, the company plans to increase its global operations and enhance its technology platform.

Servify founder Sreevathsa Prabhakar said, “It is very satisfying as we have more than quadrupled our revenue in 2020 till date, and raised funds for expansion even during the tough economic climate. This further strengthens our belief that we have built a globally scalable sound business that is not only trusted by large brands, but also the investor community.”